Published on 3/1/2017 in the Prospect News Investment Grade Daily.
New Issue: Walt Disney prices $2 billion of fixed- and floating-rate notes in four tranches
By Cristal Cody
Tupelo, Miss., March 1 – Walt Disney Co. sold $2 billion of series G medium-term notes (A2/A/A) in four tranches on Wednesday, according to an FWP filing with the Securities and Exchange Commission.
The company priced $600 million of three-year floating-rate notes at par to yield Libor plus 13 basis points.
Walt Disney sold $400 million of 1.95% three-year fixed-rate notes at 99.974 and a spread of Treasuries plus 40 bps.
The company sold $500 million of five-year floating-rate notes at par to yield Libor plus 39 bps.
Walt Disney brought the $500 million tranche of 2.45% five-year fixed-rate notes to market at 99.832 with a spread of 50 bps over Treasuries.
Citigroup Global Markets Inc., J.P. Morgan Securities LLC, BNP Paribas Securities Corp. and SunTrust Robinson Humphrey, Inc. were the bookrunners.
Proceeds will be used for general corporate purposes.
Walt Disney is a Burbank, Calif.-based entertainment and media company.
| Issuer: | Walt Disney Co.
|
| Amount: | $2 billion
|
| Securities: | Medium-term notes
|
| Bookrunners: | Citigroup Global Markets Inc., J.P. Morgan Securities LLC, BNP Paribas Securities Corp. and SunTrust Robinson Humphrey, Inc.
|
| Co-managers: | Societe Generale, Standard Chartered Bank, SMBC Nikko Securities America, Inc. and U.S. Bancorp Investments, Inc.
|
| Junior co-managers: | C.L. King & Associates, Inc., Multi-Bank Securities, Inc., Samuel A. Ramirez & Co., Inc. and Siebert Cisneros Shank & Co., LLC
|
| Trade date: | March 1
|
| Settlement date: | March 6
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
| Fitch: A
|
| Distribution: | SEC registered
|
|
|
| Three-year floaters
|
| Amount: | $600 million
|
| Maturity: | March 4, 2020
|
| Coupon: | Libor plus 13 bps
|
| Price: | Par
|
| Yield: | Libor plus 13 bps
|
| Call feature: | None
|
|
|
| Three-year notes
|
| Amount: | $400 million
|
| Maturity: | March 4, 2020
|
| Coupon: | 1.95%
|
| Price: | 99.974
|
| Spread: | Treasuries plus 40 bps
|
| Call feature: | Greater of par or Treasuries plus 7.5 bps
|
|
|
| Five-year floaters
|
| Amount: | $500 million
|
| Maturity: | March 4, 2022
|
| Coupon: | Libor plus 39 bps
|
| Price: | Par
|
| Yield: | Libor plus 39 bps
|
| Call feature: | None
|
|
|
| Five-year notes
|
| Amount: | $500 million
|
| Maturity: | March 4, 2022
|
| Coupon: | 2.45%
|
| Price: | 99.832
|
| Spread: | Treasuries plus 50 bps
|
| Call feature: | Greater of par or Treasuries plus 10 bps
|
|
|
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